TPG Growth Acquires a Majority Stake in e.l.f. Cosmetics

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FORT WORTH, Texas--(BUSINESS WIRE)--TPG Growth, the middle market and growth equity investment platform of
TPG, announced today that it has acquired a majority stake in e.l.f.
Cosmetics, one of the fastest growing cosmetics brands in the U.S. from
Company founders and TSG Consumer Partners LLC, a leading strategic
equity investor in high-growth brands. Existing management will continue
to have a meaningful investment in and an ongoing role with the company.
Terms of the transaction were not disclosed.

e.l.f. Cosmetics occupies a unique niche in the color cosmetics space,
providing high-quality cosmetics, tools and accessories at compelling
values. Combining strong digital capabilities and insights to deliver
innovative products to consumers, the Company has created a strong
online presence and has become a valuable partner to world-class
retailers.

“Through its differentiated approach, e.l.f.’s offering has resonated
among a key segment of the cosmetics market,” said John Bailey,
Principal at TPG Growth. “We believe that many opportunities lie ahead,
and are happy to partner with e.l.f. to build the Company and accelerate
its already impressive growth trajectory.”

“Our team is proud of what we have built and are extremely excited to
have a value-added partner like TPG Growth to help us scale the
business,” said Joey Shamah, co-founder of e.l.f. Cosmetics. “Their
track record in building consumer businesses, international distribution
relationships, e-commerce capabilities, global operational resources and
access to incremental talent make them an ideally suited partner for our
Company. We are very excited to build upon our strong foundation and
deliver even more value to our consumers and retail partners.”

“The growth of e.l.f. Cosmetics has been phenomenal, and TSG is
fortunate to have been partnered with such an exciting company,” said
Jennifer Baxter Moser, Managing Director at TSG Consumer Partners. “We
look forward to watching the brand continue to grow and develop in the
future,” she added.

e.l.f. is one of the most exciting and innovative companies in the
beauty industry. Founded in 2004, e.l.f. began primarily as an online
retailer (www.eyeslipsface.com)
giving it a unique digital presence and establishing it as an online
beauty authority. e.l.f.’s digital success influenced several large
retailers to adopt the brand and the company now has permanent in-line
displays and seasonal placement in many major mass retailers. e.l.f. has
become one of the fastest growing cosmetics brands in the U.S. with its
multi-channel distribution strategy, strong digital and social presence,
and an integrated global supply chain operation.

About TPG Growth

TPG Growth is the middle market and growth equity investment platform of
TPG, the global private investment firm. With $3.6 billion under
management, TPG Growth targets investments in a broad range of
industries and geographies, utilizing leveraged buyout, growth equity,
and private investment in public equity (PIPE) structures. The firm is
backed by the resources of TPG, which has $55.7 billion of assets under
management. TPG Growth has offices in the United States, China and
India. For more information, visit www.tpggrowth.com.